Recommendations needed EMI with IBAN (regular account), e-payments alternative?

[mareinis]

Dear forum members,

Can you please recommend the EMI or Bank for our company. We are internet based company, providing VPN services.
We faced the problem with E-Payments, and now we are looking for a good alternative.

What we are looking for :

- easy opening procedure;
- no video interview an no visit;
- good reputation EMI without strong compliance for transfers;
- possibility to accept payments and pay to third parties.

Thank you very much for recommendations !

 

[JohnLocke]

I assume you already tried with TransferWise right? Otherwise there is also AdvCash and What's your experience with pervesk ? which are good alternatives.

 

[mareinis]

Dear forum members,

Can you please recommend the EMI or Bank for our company. We are internet based company, providing VPN services.
We faced the problem with E-Payments, and now we are looking for a good alternative.

What we are looking for :

- easy opening procedure;
- no video interview an no visit;
- good reputation EMI without strong compliance for transfers;
- possibility to accept payments and pay to third parties.

Thank you very much for recommendations !

I mean : no video interview and no visit;

 

[Martin Everson]

I mean : no video interview and no visit;

Since AMLD5 has come into force across EU. You will need to find an EMI outside EU or find one in EU that is not in compliance and will get blocked very soon like epayments

 

[mareinis]

I assume you already tried with TransferWise right? Otherwise there is also AdvCash and What's your experience with pervesk ? which are good alternatives.

Thank you for advice! I think AdvCash and TransferWise will not give us IBAN/SEPA account.
About Pervesk - we are in process.

there is no emi outside of EU its the whole concept and legal status of emi that was born in EU and exists only in EU

We are in EU we are Cyprus company.

Since AMLD5 has come into force across EU. You will need to find an EMI outside EU or find one in EU that is not in compliance and will get blocked very soon like epayments

Thanks for the advice ! Would you be so kind to give some particular names ? Thanks in advance !

what is the jurisdiction of a company? solution really depends on that

Cyprus

 

[FinTech Avenger]

Since AMLD5 has come into force across EU. You will need to find an EMI outside EU or find one in EU that is not in compliance and will get blocked very soon like epayments

Well, there is no requirement for a video interview in AMLD5. There is a requirement for liveness biometric check in place, which is quite different from conducting an onboarding video interview.

 

[Martin Everson]

Well, there is no requirement for a video interview in AMLD5. There is a requirement for liveness biometric check in place, which is quite different from conducting an onboarding video interview.

Unfortunately AMLD5 is a 'Directive' and how it is implemented is down to each EU member state regulator. For example Bafin use Video ID and will ask you questions as simple as a request for your explicit consent on video before process starts. They may also instruct you to say and do basic things on camera.

@mareinis Are you ok with answering basic questions on camera as part of video identification or are you worried about a real interview with i.e explain your reason for opening account etc etc?

 

[DGTLOTC]

Video verification is becoming the norm for onboarding purposes with most EMIs

 

[Martin Everson]

Video verification is becoming the norm for onboarding purposes with most EMIs

Yes its the standard that most EU have adopted to conduct liveliness tests as part of AMLD5. Most outsource that verification to companies like IDNow to do on their behalf.

IDnow VideoIdent - IDnow

 

[mareinis]

Unfortunately AMLD5 is a 'Directive' and how it is implemented is down to each EU member state regulator. For example Bafin use Video ID and will ask you questions as simple as a request for your explicit consent on video before process starts. They may also instruct you to say and do basic things on camera.

@mareinis Are you ok with answering basic questions on camera as part of video identification or are you worried about a real interview with i.e explain your reason for opening account etc etc?

We can pass simple video interview. The problem that directors are nominee and they are not deep involved in business processes.

 

[Martin Everson]

We can pass simple video interview. The problem that directors are nominee and they are not deep involved in business processes.

EMI will need to see over video everybody who will have signatory rights on account. Your gonna have to look for an EMI outside EU or a sham one operating in EU who is slow on AMLD5 implementation...typically Eastern Europe.

It's a wild shot but you could try currenxie. They are asia focused so not sure on Cyprus company .

Currenxie | Digital Finance

 

[JohnLocke]

Thank you for advice! I think AdvCash and TransferWise will not give us IBAN/SEPA account.
About Pervesk - we are in process.

okay

 

[bubbledouble]

Well, there is no requirement for a video interview in AMLD5. There is a requirement for liveness biometric check in place, which is quite different from conducting an onboarding video interview.

but how can they do with remote opening if not video interview for onboarding?

It's a wild shot but you could try currenxie. They are asia focused so not sure on Cyprus company .

Currenxie | Digital Finance

they will open for a Cyprus company sure?

 

[Martin Everson]

they will open for a Cyprus company sure?

Over 1 year has passed since that post which in banking terms is like 10 years. You need to ask them .

 

[bubbledouble]

Over 1 year has passed since that post which in banking terms is like 10 years. You need to ask them .

okay thank you I did not know. Will try to send bank a ticket or ask around @CyprusLaw do you know ?

 

[pesto]

It's a wild shot but you could try currenxie. They are asia focused so not sure on Cyprus company .

Currenxie | Digital Finance

it works very well if some need something cheap and fast working.